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Prairie State Wire

Monday, November 25, 2024

VA provides 5,565 home loans in Illinois totaling $1.4 billion in Q4

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The U.S. Department of Veteran’s Affairs (VA) issued 5,565 home loans totaling $1.4 billion in Illinois during the fourth quarter of the fiscal year 2021, according to the Veteran’s Affairs Home Loans Index.

The VA assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans provided by banks and mortgage companies.

A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.

Several VA housing programs can help members buy, build or repair their homes. Loan types may include home purchase loans, interest rate reduction refinance loans (IRRRL), and adapted housing grants, geared toward veterans with a service-connected disability.

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